CMS·2025-08-06 04:43Investment Rating - The report maintains a "Strong Buy" investment rating for China Shenhua [2][5] Core Views - China Shenhua is planning a significant acquisition of assets worth hundreds of billions, aiming to enhance its "coal-electricity-chemical transportation" integrated industrial chain [1][5] - The acquisition will involve purchasing equity from 13 companies across coal, chemical, port, shipping, and e-commerce sectors, which is expected to significantly increase the company's coal production capacity and market share [5] - The acquisition aligns with national policies to accelerate state-owned enterprise asset integration and resolve industry competition issues, enhancing the quality of the listed company [5] Financial Data Summary - Current market capitalization is approximately 746.3 billion yuan, with a circulating market value of 619.4 billion yuan [2] - The company has a total share capital of 19,869 million shares, with a net asset value per share of 21.8 yuan [2] - The return on equity (ROE) stands at 12.6%, and the debt-to-asset ratio is 23.7% [2] - Projected net profits for 2025-2027 are 48.54 billion, 50.15 billion, and 52.52 billion yuan respectively, with corresponding earnings per share (EPS) of 2.4, 2.5, and 2.6 yuan [5][6] - Revenue for 2023 is projected at 343.07 billion yuan, with a slight decline expected in 2024 [6][8] Performance Metrics - The report indicates a projected decline in total revenue for 2025, with a recovery expected in subsequent years [6] - The company’s operating profit is forecasted to decrease from 91.37 billion yuan in 2023 to 73.32 billion yuan in 2025, before gradually increasing again [6] - The net profit margin is expected to remain around 17% over the forecast period, indicating stable profitability [6]